PT Argha Karya Prima Industry Tbk dan entitas anaknya/and its subsidiary

(1)

Interim consolidated financial statements

period ended June 30, 2020 and 2019 (unaudited) and for the year ended December 31, 2019 (audited)

(2)

TENTANG

TANGGUNG JAWAB ATAS LAPORAN KEUANGAN KONSOLIDASIAN

TAHUN YANG BERAKHIR PADA 30 JUNl 2020 PT ARGHA KARYA PRIMA INDUSTRY TBK

Kami yang bertandatangan di bawah Ini

1, Nama Alamat Kantor

Alamat Domisiii

2.

Telepon Jabatan

Nama Aiamat Kantor

Alamat Domisiii

Telepon Jabatan

Wilson Pribadi

Jl. Pahlawan, Karang Asem Barat Giteureup - Bogor 16810 Apt. Airiangga, Mega Kuningan Jl. Dr. ide Anak Agung Ode Agung Kav H No. 1 - Jakarta Seiatan 021-8752707

Direktur Utama

Jimmy Tjahjanto

Jl. Pahlawan, Karang Asem Barat Citeureup - Bogor 16810

Jl. Tanjung Duren Dalam I No. ISA RT 001 RW 03, Tanjung Duren Grogol Petamburan - Jakarta Barat

021-8752707 Direktur

Menyatakan bahwa :

1. Bertanggung jawab atas penyusunan dan penyajian laporan keuangan perusahaan;

2. Laporan keuangan perusahaan telah disusun dan disajikan sesuai dengan prinsip akuntansi yang berlaku umum;

3. Semua informasi dalam laporan keuangan

perusahaan telah dimuat secara lengkap dan benar;

4. Laporan keuangan perusahaan tidak mengandung informasi atau fakta material yang tidak benar, dan tidak menghllangkan informasi atau fakta material;

5. Bertanggung jawab atas slstem pengendaiian intern perusahaan.

Demlkian pernyataan ini dibuat dengan sebenarnya.

REGARDING

THE RESPONSIBILITY FOR THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED JUNE 30, 2020 PT ARGHA KARYA PRIMA INDUSTRY TBK

We, the undersigned:

1. Name : Wilson Pribadi

Office Address : Jl. Pahlawan, Karang Asem Barat Citeureup - Bogor 16810 Residential Address: Apt. Airiangga, Mega Kuningan

Jl. Or Ide Anak Agung Gde Agung

Kav H No. 1 - Jakarta Seiatan Telephone : 021-8752707

Title : Pi^sident Director

2. Name : Jimmy Tjahjanto

Office Address : Jl. Pahlawan, Karang Asem Barat Citeureup - Bogor 16810

Residential Address: Jl. Tanjung Duren Dalam I No. 18A RT 001 RW03, Tanjung Duren Grogol Petamburan - Jakarta Barat Telephone : 021-8752707

Title : Director

Declare that :

1. We are responsible for the preparation and the presentation of financial statement;

2. Financial statements has been prepared and presented in accordance with Indonesian Financial Accounting Standards;

3. All Information in the financial statements has been disclosed in a complete and tmthful manner;

4. Financial statements do not contain any material inconect information or fact, nor do they omit material information or fact;

5. We are responsible for the internal control system.

Thisis our declaration, which has been made tnjthfully.

Jakarta. 30 Juli 202QJ J^arta, July 30, 2020

Wi E-RAi EPE.U

8AHF5

URUPIAH

Wilson Pribadi

Direktur Utama / President Director

Jimmy Tjahjanto Direktur / Director

PT Argha KaryaPrima Industry Tbk

Jl. Pahlawan, Karang As«(n Barat. Ctteureup, Bogor 16B10. Indonesia.

T«l (hunting) -63 2187S 3707 Fas <62 3) 87S 2346

O arlene* O

Ofssc 22000 ecovadls Sede)9

(3)

Daftar Isi

Laporan Posisi Keuangan Konsolidasian...

Laporan Laba Rugi dan Penghasilan Komprehensif Lain Konsolidasian...………...

Laporan Perubahan Ekuitas Konsolidasian...

Laporan Arus Kas Konsolidasian...

Catatan atas Laporan Keuangan Konsolidasian...

Halaman/

Page

1 - 2

3 - 4 5 6 - 7 8 - 92

Table of Contents

………Consolidated Statement of Financial Position Consolidated Statement of Profit or Loss and

……….Other Comprehensive Income ……..Consolidated Statement of Changes in Equity ………..Consolidated Statement of Cash Flows …..Notes to the Consolidated Financial Statements

******************************

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Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara

keseluruhan.

The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements

taken as a whole.

1

30 Juni 2020/ Catatan/ 31 Desember 2019/

June 30, 2020 Notes December 31, 2019

ASET ASSETS

ASET LANCAR CURRENT ASSETS

Kas dan bank 55.092.081 2c,2t,4,36 63.380.838 Cash on hand and in banks Dana yang dibatasi 2c,2t,5,

penggunaannya 41.797.668 16,36 54.643.167 Restricted funds Investasi jangka pendek 4.002.628 2d,2t,6,36 4.861.933 Short-term investments Piutang usaha - neto 2t,7,16,20,36 Trade receivables - net

Pihak berelasi - 2e,35 14.415 Related party

Pihak ketiga 465.002.917 443.900.050 Third parties

Piutang lain-lain 3.742.410 2t,8,14,36 43.989.575 Other receivables Persediaan - neto 391.929.133 2f, 9,16,20 413.150.846 Inventories - net

Biaya dibayar di muka 7.435.755 2g,10 1.737.885 Prepaid expenses

Uang muka 14.626.390 11 5.703.907 Advances

Pajak dibayar di muka 19.263.615 2r,12a 56.214.621 Prepaid taxes

TOTAL ASET LANCAR 1.002.892.597 1.087.597.237 TOTAL CURRENT ASSETS

ASET TIDAK LANCAR NON-CURRENT ASSETS Estimasi tagihan pajak 11.489.833 2r,12b 2.464.145 Estimated claims for tax refund

Advances for purchase

Uang muka pembelian aset tetap 54.879.357 14 38.764.039 of fixed assets Penyertaan saham 116.435.256 2h,13 113.170.721 Investment in shares of stock Aset tetap - neto 1.540.569.655 2i,2j,14,16,20 1.521.317.226 Fixed assets - net Aset takberwujud - neto 363.315 2i, 2j 353.128 Intangible assets - net Aset tidak lancar lainnya 18.916.394 2t,15,36 13.109.260 Other non-current assets

TOTAL ASET TIDAK LANCAR 1.742.653.810 1.689.178.519 TOTAL NON-CURRENT ASSETS

TOTAL ASET 2.745.546.407 2.776.775.756 TOTAL ASSETS

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keseluruhan.

taken as a whole.

30 Juni 2020/ Catatan/ 31 Desember 2019/

June 30, 2020 Notes December 31, 2019

LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES Pinjaman bank jangka pendek 487.231.968 2t,16,36 487.564.011 Short-term bank loans

Utang usaha 2t,17,36 Trade payables

Pihak berelasi 599.829 2e,35 408.449 Related party

Pihak ketiga 363.190.279 403.953.792 Third parties

Utang lain-lain 21.761.120 2t,18,34,36 13.953.946 Other payables

Utang pajak 1.156.814 2r,12c 1.360.170 Taxes payable

2k,2t

Beban akrual 28.220.984 19,21,36 27.528.901 Accrued expenses

Bagian pinjaman jangka panjang Current maturities of

yang jatuh tempo dalam satu tahun 22.935.918 2t,20,36 68.368.427 long-term borrowings

TOTAL LIABILITAS

JANGKA PENDEK 924.497.083 1.003.137.696 TOTAL CURRENT LIABILITIES

LIABILITAS JANGKA PANJANG LONG-TERM LIABILITIES Pinjaman jangka panjang - setelah

dikurangi bagian yang jatuh Long-term borrowings - net of

tempo dalam satu tahun 330.204.165 2t,20,36 321.862.022 current maturities Liabilitas imbalan kerja - setelah Employee benefits liability - net of

dikurangi bagian jangka pendek 23.105.259 2k,21 23.415.266 current portion Liabilitas pajak tangguhan - neto 182.367.703 2r,12f 183.404.981 Deferred tax liabilities - net

TOTAL LIABILITAS

JANGKA PANJANG 535.677.127 528.682.269 TOTAL LONG-TERM LIABILITIES

TOTAL LIABILITAS 1.460.174.210 1.531.819.965 TOTAL LIABILITIES

EKUITAS EQUITY

Ekuitas yang Dapat Diatribusikan Equity Attributable to kepada Pemilik Entitas Induk Owners of the Parent Entity

Modal saham Share capital

Modal dasar - 2.000.000.000 Authorized - 2,000,000,000 saham dengan nilai nominal shares at par value of Rp500 Rp500 (angka penuh) per saham (full amount) per share Modal ditempatkan dan disetor Issued and fully paid - penuh - 680.000.000 saham 340.000.000 23 340.000.000 680,000,000 shares Tambahan modal disetor - neto 303.829.224 2m,24 303.829.224 Additional paid-in capital - net

Saham tresuri (79.566.944 ) 2n,23 (79.566.944) Treasury stock

Exchange rate differences from

Selisih kurs karena penjabaran financial statement

laporan keuangan 257.701.686 2b,2q,25 235.079.148 translation Kerugian pengukuran kembali Loss on re-measurement

dari liabilitas imbalan kerja - of employee benefits setelah pajak (6.768.290 ) (6.768.290) liabilities - net of tax

Saldo laba Retained earnings

Telah ditentukan penggunaannya 27.500.000 33 27.500.000 Appropriated Belum ditentukan penggunaannya 442.737.070 424.957.640 Unappropriated

Ekuitas yang Dapat Diatribusikan Net Equity Attributable to kepada Pemilik Entitas Induk Neto 1.285.432.746 1.245.030.778 Owners of the Parent Entity

Kepentingan nonpengendali (60.549 ) 2b,22 (74.987) Non-controlling Interest

EKUITAS NETO 1.285.372.197 1.244.955.791 NET EQUITY

TOTAL LIABILITAS DAN EKUITAS 2.745.546.407 2.776.775.756 TOTAL LIABILITIES AND EQUITY

(6)

keseluruhan.

taken as a whole.

kecuali dinyatakan lain) unless otherwise stated)

Catatan/

2020 Notes 2019

PENJUALAN NETO 1.137.470.819 2e,2p,26,35 1.137.507.922 NET SALES

BEBAN POKOK PENJUALAN 1.022.694.468 2e,2p,27,35 1.032.844.612 COST OF GOODS SOLD

LABA BRUTO 114.776.351 104.663.310 GROSS PROFIT

Beban penjualan (32.113.516 ) 2e,2p,28,35 (31.179.834) Selling expenses Beban umum dan administrasi (31.437.857 ) 2e,2p,29,35 (29.982.449) General and administrative expenses

Pendapatan lain-lain - 2p,14,30 5.888.939 Other income

Beban lain-lain (13.022.058 ) 2p,31 - Other expenses

LABA USAHA 38.202.920 49.389.966 OPERATING PROFIT

Beban keuangan (32.256.241 ) 2p,16,20 (38.648.573) Finance expense Pendapatan keuangan - neto

pajak final 355.651 2p 342.793 Finance income - net of final tax

LABA SEBELUM PAJAK

PENGHASILAN 6.302.330 11.048.186 PROFIT BEFORE INCOME TAX

BEBAN PAJAK PENGHASILAN -

NETO 11.477.100 2r,12d (349.335) INCOME TAX EXPENSE - NET

LABA PERIODE BERJALAN 17.779.430 10.734.851 PROFIT FOR THE PERIOD

PENGHASILAN (RUGI) KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME (LOSS)

Penghasilan (Rugi) Komprehensif Lain

yang akan Direklasifikasi Other Comprehensive Income (Loss) menjadi Laba atau Rugi to be Reclassified to Profit or Loss pada Periode Berikutnya in Subsequent Periods Selisih kurs karena penjabaran Exchange rate differences from laporan keuangan 22.636.976 2b,2q,25 (16.682.526) financial statement translation Efek pajak penghasilan terkait - - Income tax effect

PENGHASILAN (RUGI)

KOMPREHENSIF OTHER COMPREHENSIVE

LAIN - SETELAH PAJAK 22.636.976 (16.682.526) INCOME (LOSS) - NET OF TAX

TOTAL PENGHASILAN

KOMPREHENSIF TOTAL COMPREHENSIVE

PERIODE BERJALAN 40.416.406 (5.947.675) INCOME FOR THE PERIOD

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keseluruhan.

taken as a whole.

Catatan/

2020 Notes 2019

LABA PERIODE BERJALAN YANG PROFIT FOR THE PERIOD DAPAT DIATRIBUSIKAN KEPADA: ATTRIBUTABLE TO:

Pemilik entitas induk 17.779.430 10.734.851 Owners of the parent entity Kepentingan nonpengendali - 2b,22 - Non-controlling interests

Neto 17.779.430 10.734.851 Net

TOTAL PENGHASILAN

KOMPREHENSIF PERIODE

BERJALAN YANG DAPAT TOTAL COMPREHENSIVE INCOME DIATRIBUSIKAN KEPADA: FOR THE PERIOD ATTRIBUTABLE TO:

Pemilik entitas induk 40.401.967 (5.870.806) Owners of the parent entity Kepentingan nonpengendali 14.439 2b,22 (76.869) Non-controlling interests

Neto 40.416.406 (5.947.675) Net

LABA PER SAHAM DASAR YANG BASIC EARNINGS PER SHARE DAPAT DIATRIBUSIKAN KEPADA ATTRIBUTABLE TO OWNERS PEMILIK ENTITAS INDUK OF THE PARENT ENTITY

(angka penuh) 29 2o,32 18 (full amount)

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Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.

The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements taken as a whole.

5

Catatan/

Notes

Modal saham ditempatkan dan disetor penuh/

Issued and fully paid share

capital

Tambahan modal disetor - neto/

Additional paid-in capital -

net

Saham tresuri/

Treasury stock

Selisih kurs karena penjabaran

laporan keuangan/

Exchange rate differences from

financial statement translation

Keuntungan (Kerugian) pengukuran kembali aktuaria

dari liabilitas imbalan kerja/

Actuarial gain (loss) on re-measurement

of employee benefit liabilities

Saldo laba/

Retained earnings

Neto/

Net

Kepentingan Nonpengendali/

Non-controlling Interests (Catatan/Note 21)

Ekuitas neto/

Net equity Telah ditentukan

penggunaannya/

Appropriated

Belum ditentukan penggunaannya/

Unappropriated

Balance as of

Saldo per 1 Januari 2019 340.000.000 303.829.224 (79.566.944 ) 271.928.980 (7.708.488) 25.000.000 380.439.845 1.233.922.617 (88.864 ) 1.233.833.753 January 1, 2019

Laba periode berjalan - - - - - - 10.734.851 10.734.851 - 10.734.851 Profit for the period

Penghasilan (rugi) komprehensif lain - 2b,2k, Other comprehensive income

setelah pajak 2q,21,25 (16.605.656 ) - - - (16.605.656 ) (76.870 ) (16.682.526 ) (loss) - net of tax

Penghasilan komprehensif lain Net other comprehensive

periode berjalan, neto - - - (16.605.656 ) - 10.734.851 (5.870.805) (76.870 ) (5.947.675 ) income for the period

Pencadangan saldo laba Appropriation of

sebagai dana cadangan retained earnings for

Umum 33 - - - - - 2.500.000 (2.500.000 ) - - - general reserve

Deklarasi Dividen Kas 31 - - - - - - (7.346.977 ) (7.346.977) - (7.346.977 ) Declaration of Cash Dividend

Balance as of

Saldo per 30 Juni 2019 340.000.000 303.829.224 (79.566.944 ) 255.323.324 (7.708.488) 27.500.000 381.327.711 1.220.704.827 (165.734 ) 1.220.539.093 June 30, 2019

Balance as of

Saldo pe 1 Januari 2020 340.000.000 303.829.224 (79.566.944 ) 235.079.148 (6.768.290) 27.500.000 424.957.640 1.245.030.778 (74.987 ) 1.244.955.791 January 1, 2020

Laba periode berjalan - - - - - - 17.779.430 17.779.430 - 17.779.430 Profit for the period

Penghasilan (rugi) komprehensif lain - 2b,2k, Other comprehensive income

setelah pajak 2q,21,25 - - - 22.622.538 - - - 22.622.538 14.438 22.636.976 (loss) - net of tax

Penghasilan komprehensif lain Net comprehensive income

periode berjalan, neto - - - 22.622.538 - 17.779.430 40.401.968 14.438 40.416.406 for the period

Pencadangan saldo laba Appropriation of

sebagai dana cadangan retained earnings for

Umum 33 - - - - - - - - - - general reserve

Balance as of

Saldo per 30 Juni 2020 340.000.000 303.829.224 (79.566.944 ) 257.701.686 (6.768.290) 27.500.000 442.737.070 1.285.432.746 (60.549 ) 1.285.372.197 June 30, 2020

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keseluruhan.

taken as a whole.

Catatan/

2020 Notes 2019

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM OPERATING

OPERASI ACTIVITIES

Penerimaan dari pelanggan 1.121.606.705 1.189.618.856 Receipts from customers Pembayaran kepada pemasok (940.307.568) (1.068.663.105) Payments to suppliers Pembayaran kepada karyawan (94.061.619) (90.489.473) Payments to employees Pembayaran untuk beban usaha Payments for operating expenses

dan lainnya (43.600.485) (27.869.192) and others

Penerimaan kembali pajak penghasilan 26.678.193 - Income tax refunds receips Pembayaran pajak lainnya (9.025.688) (17.841.441) Payment for other taxes Pembayaran pajak penghasilan badan (563.110) 12 - Payment of corporate income tax Penerimaan dari pendapatan

keuangan 355.600 342.066 Finance income received

Kas neto diperoleh dari (digunakan Net cash provided by untuk) aktivitas operasi 61.082.028 (14.902.289) (used in) operating activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM INVESTING

INVESTASI ACTIVITIES

Perolehan aset tetap (25.688.048) 14,41 (17.993.078) Acquisitions of fixed assets Uang muka pembelian aset tetap (20.445.057) (2.177.033) Advances for purchase of fixed assets Penerimaan dari (pembayaran untuk) Receipts from (payments for) investasi jangka pendek 830.379 (543.975) short-term investments

Pendapatan dividen Receipt of dividend income from

dari penyertaan saham 3.024.621 13 - investment in shares of stock Hasil penjualan aset tetap dan Proceeds from sale of fixed assets klaim asuransi 44.319.435 14 289.129 and insurance claim

Kas neto diperoleh dari (digunakan Net cash provided by (used in) untuk) aktivitas investasi 2.041.330 (20.424.957) investing activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM FINANCING

PENDANAAN ACTIVITIES

Pembayaran pinjaman

jangka panjang (83.232.943) 37 (64.485.269) Repayments of long-term borrowings Pembayaran beban keuangan (29.642.184) (36.107.231) Payments of paid finance expense Penerimaan (penempatan) dana

yang dibatasi penggunaannya 12.845.500 37 35.231.075 Proceeds (placement) of restricted funds Pembayaran dividen kas (3.873.805) 34 (1.799.851) Payments of cash dividend Penerimaan (pembayaran) pinjaman Proceeds (payment) from bank bank jangka pendek (12.521.140) 37 79.796.734 short-term loans

Penerimaan pinjaman

jangka panjang 34.715.317 37 3.246.243 Proceeds from long-term borrowings

Kas neto diperoleh dari (digunakan Net cash provided by untuk) aktivitas pendanaan (81.709.255) 15.881.701 (used in) financing activities

DECREASE IN

PENURUNAN NETO KAS DAN BANK (18.585.897) (19.445.545) CASH ON HAND AND IN BANKS

NET EFFECT OF EXCHANGE RATE

PENGARUH NETO PERUBAHAN KURS CHANGES ON CASH ON HAND AND PADA KAS DAN BANK 10.297.140 (3.377.024) IN BANKS

KAS DAN BANK CASH ON HAND AND IN BANKS AWAL PERIODE 63.380.838 41.825.284 AT BEGINNING OF PERIOD

KAS DAN BANK CASH ON HAND AND IN BANKS AKHIR PERIODE 55.092.081 4 19.002.715 AT END OF PERIOD

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1. UMUM 1. GENERAL

a. Pendirian Perusahaan a. The Company’s establishment PT Argha Karya Prima Industry Tbk

(“Perusahaan”) didirikan dalam kerangka Undang-undang No. 6 tahun 1968 dan No. 12 tahun 1970 tentang Penanaman Modal Dalam Negeri berdasarkan Akta Notaris No. 108 tanggal 7 Maret 1980 dari Ridwan Suselo, S.H., notaris di Jakarta. Pengesahan dari Menteri Kehakiman Republik Indonesia atas pendirian Perusahaan tersebut telah diperoleh pada tanggal 25 September 1981 dengan Surat Keputusan No. Y.A.5/406/9 dan telah diumumkan dalam Berita Negara Republik Indonesia No. 27 dan Tambahan No. 391 tanggal 2 April 1982.

PT Argha Karya Prima Industry Tbk (the

“Company”) was established within the framework of Laws No. 6 of 1968 and No. 12 of 1970 regarding to Domestic Capital Investment based on Notarial Deed No. 108 dated March7,1980 of Ridwan Suselo, S.H., a notary in Jakarta. Approval for the Company’s establishment from the Minister of Justice of the Republic of Indonesia was obtained under decree No. Y.A.5/406/9 dated September 25, 1981 and was published in Supplement No. 391 of the State Gazette No. 27 of the Republic of Indonesia dated April 2, 1982.

Anggaran dasar Perusahaan telah mengalami beberapa kali perubahan, terakhir dengan Akta Notaris No. 206 tanggal 22 Mei 2019 dari Christina Dwi Utami, S.H., M.Hum, M.Kn, notaris di Jakarta, sehubungan dengan, perubahan atau penyesuaian pasal 3 dalam Anggaran Dasar Perusahaan. Akta perubahan ini telah mendapat persetujuan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan No. AHU- 0031841.AH.01.02. Tahun 2019 tanggal 20 Juni 2019

The Company's Articles of Association has been amended several times, with the latest amendment being made by Notarial Deed No. 206 dated May 22, 2019 of Christina Dwi Utami, S.H., M.Hum, M.Kn, a notary in Jakarta, related to changes in articles No. 3 in the Company’s Articles of Association. The latest amendment was approved by the Minister of Law and Human Rights of the Republic of Indonesia under decree No. AHU- 0031841.AH.01.02.Year 2019 dated June 20, 2019.

Perusahaan bergerak dalam bidang produksi dan distribusi kemasan fleksibel berupa Biaxially Oriented Poly Propylene (“BOPP”) film dan Polyester (“PET”) film. Pabrik perusahaan berlokasi di Citeureup, Bogor. Perusahaan memulai produksi komersialnya pada tahun 1982.

The Company is engaged in the production and distribution of flexible packaging of Biaxially Oriented Poly Propylene (“BOPP”) film and Polyester (“PET”) film. Its manufacturing facilities are located in Citeureup, Bogor. The Company commenced its commercial operations in 1982.

PT Nawa Panduta adalah entitas induk terakhir dari Perusahaan dan Entitas Anak (“Kelompok Usaha”) dan juga entitas induk tidak langsung dari Perusahaan, yang didirikan dan berdomisili di Indonesia. Perusahaan tidak mempunyai entitas induk langsung.

PT Nawa Panduta is the ultimate parent entity of the Company and Subsidiary (the “Group”) and also the indirect parent entity of the Company, which incorporated and domiciled in Indonesia.

The Company does not have a direct parent entity.

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b. Penawaran umum dan aksi korporasi yang mempengaruhi modal saham yang ditempatkan dan disetor penuh.

b. Public offering and corporate actions affecting issued and fully paid share capital.

Berdasarkan Surat Ketua BAPEPAM-LK No. S-1854/PM/1992 tanggal 16 November 1992, Pernyataan Pendaftaran Perusahaan dalam rangka Penawaran Umum Perdana telah dinyatakan efektif. Pada tanggal 18 Desember 1992, Perusahaan mencatatkan 80.000.000 saham (termasuk 16.000.000 saham perdana yang ditawarkan kepada masyarakat) dari modal ditempatkan dan disetor penuh dengan nilai nominal Rp1.000 (angka penuh) per saham di Bursa Efek Jakarta.

Based on the letter No. S-1854/PM/1992 dated November 16, 1992 of the Chairman of BAPEPAM-LK, the Company’s Registration Statement on its Initial Public Offering of shares was declared effectively. On December 18, 1992, the Company listed 80,000,000 shares (including 16,000,000 shares initially offered to the public) out of its issued and fully paid shares with nominal value of Rp1,000 (full amount) per share in the Jakarta Stock Exchange.

Penjelasan penawaran umum efek dan aktivitas lainnya yang dapat mempengaruhi efek yang diterbitkan sejak penawaran umum perdana adalah sebagai berikut:

The summary of the Company’s public offerings and other capital stock activities after the initial public offering is as follows:

Aksi korporasi/

Corporate action Tanggal/Date

Jumlah saham/

Share amount

Akumulasi saham/

Cumulative number of shares

Jumlah nominal (dalam rupiah)/

Nominal amount (in rupiah)

 Penawaran Umum Perdana/Initial Public Offering

18 Desember 1992/

December 18, 1992 80.000.000 80.000.000 80.000.000

 Pembagian saham bonus/Issuance of bonus shares

22 Desember 1993/

December 22, 1993 40.000.000 120.000.000 120.000.000

 Penawaran Umum Terbatas

(PUT)/Limited Public Offering

1 Maret 1994/

March 1, 1994 12.000.000 132.000.000 132.000.000

 Pembagian saham bonus/Issuance of bonus shares

21 April 1997/

April 21, 1997 44.000.000 176.000.000 176.000.000

 Pemecahan nilai nominal saham 1:2/Stock split2 for 1

21 April 1997/

April 21, 1997 176.000.000 352.000.000 176.000.000

 Peningkatan Modal tanpa Hak Memesan Efek Terlebih Dahulu (HMETD)/Issuance of Shares without Pre- emptive Rights

9 Oktober 2003/

October 9, 2003 328.000.000 680.000.000 340.000.000

Seluruh saham Perusahaan telah tercatat di Bursa Efek Indonesia (dahulu Bursa Efek Jakarta).

All of the Company’s shares have been listed in the Indonesia Stock Exchange (formerly Jakarta Stock Exchange).

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1. UMUM (lanjutan) 1. GENERAL (continued)

c. Entitas Anak c. Subsidiary

Rincian Entitas Anak yang dikonsolidasi pada tanggal 30 Juni 2020 dan 31 Desember 2019 adalah sebagai berikut:

The details of the consolidated Subsidiary as of June 30, 2020 and December 31, 2019 are as follows:

Tahun awal

operasi/ % kepemilikan/ Total aset/

Entitas Anak/ Domisili/ Aktivitas utama/ Year of start of % of ownership Total assets Subsidiary Domicile Principal activity operations 2020 2019 2020 (2019)¹

International Resources Hong Kong Perdagangan dan pemasaran 1991 98,00% 98,00% 201.915

(H.K.) Ltd. (“IR-HK”) ² film kemasan fleksibel/ (195.338)

Marketing and trading of flexible packaging films

1 Total aset sebelum eliminasi/Total assets before elimination.

2 Mulai Juli 2014, IR-HK sementara berhenti beroperasi/Starting July 2014, IR-HK temporarily stopped its operations.

Pada bulan Agustus 1991, Perusahaan mendirikan IR-HK di Hong Kong dengan kepemilikan sebesar 80%. Pada bulan Juli 2006, Perusahaan meningkatkan kepemilikan sahamnya di IR-HK sebesar 18% menjadi sebesar 98%.

In August 1991, the Company established IR-HK in Hong Kong and had 80% ownership. In July 2006, the Company increased its share ownership in IR-HK by 18% to become 98%.

d. Dewan Komisaris dan Direksi, Komite Audit serta Karyawan

d. Boards of Commissioners and Directors, Audit Committee and Employees

Susunan Dewan Komisaris dan Direksi (manajemen kunci) Perusahaan pada tanggal 30 Juni 2020 dan 31 Desember 2019 adalah sebagai berikut:

The composition of the Company’s Boards of Commissioners and Directors (the key management) as of June 30, 2020 and December 31, 2019 are as follows:

Dewan Komisaris Board of Commissioners

Komisaris Utama Andry Pribadi President Commissioner

Komisaris Henry Liem Commissioners

Amirsyah Risjad

Brenna Florence Pribadi

Komisaris Independen Johan Paulus Yoranouw Independent Commissioners

Widjojo Budiarto

Direksi Directors

Direktur Utama Wilson Pribadi President Director

Direktur Edward Djumali Directors

Jimmy Tjahjanto

Jeyson Pribadi

Folmer Adolf Hutapea

Elius Pribadi

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d. Dewan Komisaris dan Direksi, Komite Audit serta Karyawan (lanjutan)

d. Boards of Commissioners and Directors, Audit Committee and Employees (continued) Susunan Komite Audit dan Sekretaris

Perusahaan pada tanggal 30 Juni 2020 dan 31 Desember 2019 adalah sebagai berikut:

The composition of the Company’s Audit Committee and the Corporate Secretary as of June 30, 2020 and December 31, 2019 are as follows:

Komite Audit Audit Committee

Ketua Johan Paulus Yoranouw Chairman

Anggota Benito Sutarna Members

Willie Tandanu

Sekretaris Perusahaan Tjoe Mun Lie Corporate Secretary

Kelompok Usaha memiliki masing-masing 1.034 dan 1.067 karyawan tetap pada tanggal 30 Juni 2020 dan 31 Desember 2019 (tidak diaudit).

The Group had 1,034 and 1,067 permanent employees as of June 30, 2020 and December 31, 2019, respectively (unaudited).

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a. Dasar penyajian laporan keuangan konsolidasian

a. Basis of presentation of the consolidated financial statements

Laporan keuangan konsolidasian telah disusun dan disajikan sesuai dengan Standar Akuntansi Keuangan di Indonesia (“SAK”), yang mencakup Pernyataan Standar Akuntansi Keuangan (“PSAK”) dan Interpretasi Standar Akuntansi Keuangan (“ISAK”) yang dikeluarkan oleh Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia, serta Peraturan No.

VIII.G.7 Lampiran Keputusan Ketua OJK No.

KEP-347/BL/2012 tanggal 25 Juni 2012 yang terdapat di dalam Peraturan dan Pedoman Penyajian dan Pengungkapan Laporan Keuangan yang diterbitkan oleh OJK. Kebijakan ini telah diterapkan secara konsisten terhadap seluruh tahun yang disajikan, kecuali jika dinyatakan lain.

The consolidated financial statements have been prepared and presented in accordance with Indonesian Financial Accounting Standards (“SAK”), which comprise the Statements of Financial Accounting Standards (“PSAK”) and Interpretations to Financial Accounting Standards (“ISAK”) issued by the Financial Accounting Board of the Indonesian Institute of Accountants and Rule No. VIII.G.7 Attachment of Chairman of OJK’s decision No. KEP- 347/BL/2012 dated June 15, 2012 on the Regulations and Guidelines on Financial Statement Presentation and Disclosures issued by OJK. These policies have been consistently applied to all years presented, unless otherwise stated.

Laporan keuangan konsolidasian telah disusun sesuai dengan PSAK No. 1: Penyajian Laporan Keuangan. Laporan keuangan konsolidasian, kecuali untuk laporan arus kas konsolidasian, disusun berdasarkan basis akrual, menggunakan dasar akuntansi biaya historis, kecuali untuk beberapa akun tertentu yang disajikan berdasarkan pengukuran lain sebagaimana diuraikan dalam kebijakan akuntansi masing-masing akun tersebut.

The consolidated financial statements have been prepared in accordance with PSAK No. 1:

Presentation of Financial Statements. The consolidated financial statements, except consolidated statement of cash flows, have been prepared on the accrual basis, using the historical cost basis of accounting, except for certain accounts which are measured on the basis described in the related accounting policies for those accounts.

Laporan arus kas konsolidasian yang disusun dengan menggunakan metode langsung, menyajikan penerimaan dan pengeluaran kas dan setara kas yang diklasifikasikan ke dalam aktivitas operasi, investasi dan pendanaan.

The consolidated statement of cash flows, which has been prepared using the direct method, presents receipts and disbursements of cash and cash equivalents classified into operating, investing and financing activities.

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2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

a. Dasar penyajian laporan keuangan konsolidasian (lanjutan)

a. Basis of presentation of the consolidated financial statements (continued)

Mata uang fungsional Perusahaan adalah dolar AS dan mata uang fungsional Entitas Anak adalah dolar Hong Kong.

The functional currency of the Company is US dollar and the functional currency of the Subsidiary is Hong Kong dollar.

Mata uang pelaporan yang digunakan pada laporan keuangan konsolidasian adalah Rupiah (“Rp”).

The reporting currency used in the consolidated financial statements is the Indonesian Rupiah (“Rp”).

b. Prinsip konsolidasi b. Principles of consolidation Laporan keuangan konsolidasian terdiri dari

laporan keuangan Perusahaan dan entitas anaknya.

The consolidated financial statements comprise the financial statements of the Company and its subsidiary.

Pengendalian didapat ketika Perusahaan terekspos atau memiliki hak atas imbal hasil variabel dari keterlibatannya dengan investee dan memiliki kemampuan untuk mempengaruhi imbal hasil tersebut melalui kekuasaannya atas investee.

Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.

Secara spesifik, Kelompok Usaha mengendalikan investee jika dan hanya jika Kelompok Usaha memiliki seluruh hal berikut ini:

Specifically, the Group controls an investee if and only if the Group has:

 Kekuasaan atas investee (misal, hak yang ada memberi kemampuan kini untuk mengarahkan aktivitas relevan investee);

 Eksposur atau hak atas imbal hasil variabel dari keterlibatannya dengan investee; dan

 Kemampuan untuk menggunakan kekuasaannya atas investee untuk mempengaruhi jumlah imbal hasil investor.

Ketika Kelompok Usaha memiliki kurang dari hak suara mayoritas, Kelompok Usaha dapat mempertimbangkan semua fakta dan keadaan yang relevan dalam menilai apakah memiliki kekuasaan atas investee, termasuk:

 Pengaturan kontraktual dengan pemilik hak suara yang lain;

 Hak yang timbul dari pengaturan kontraktual lain; dan

 Hak suara dan hak suara potensial Kelompok Usaha.

 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee);

 Exposure, or rights, to variable returns from its involvement with the investee; and

 The ability to use its power over the investee to affect its returns.

When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

 The contractual arrangement with the other vote holders of the investee;

 Rights arising from other contractual arrangements; and

 The Group’s voting rights and potential voting rights.